GameStop Frenzy 20 Roaring Kittys Comeback Sparks Explosion of Meme Coins

Key Points
The resurgence of a well-known meme stock trader and the increasing GameStop stock price have led to a surge in meme coins inspired by GameStop.
Various meme coins linked to GameStop and the trader have seen significant price hikes in the past 24 hours.
The surge in meme coins reflects investor FOMO (Fear Of Missing Out) and the potential for a boom in alternative cryptocurrencies.
GameStop Corp. Cl A (NYSE: GME) stock has been experiencing high volatility recently, driven by the comeback of the famous meme stock trader Keith Gill, also known as Roaring Kitty. After more than three years of absence from social media, Gill’s return has sparked renewed excitement. This, coupled with frequent trading halts of GME on traditional exchanges, has fueled a surge in meme coin activity amidst a bullish crypto market.
Influence of Roaring Kitty on Meme Coins
Gill’s GME portfolio is nearing the $1 billion milestone, leading to significant increases in GameStop-themed meme coins in the last 24 hours. One notable example is the Solana-based Roaring Kitty (KITTY) coin, which surged by almost 300% to reach approximately $0.0344 by Friday.
Similarly, the Ethereum-based Roaring Kitty (ROAR) coin saw a jump of over 126% during the same period, reaching around $0.00154.
The Solana-based GME (GME) coin also experienced a notable rally, rising by more than 115% to about $0.025. This surge was accompanied by a spike in daily trading volume, exceeding $357 million, and a market cap of approximately $202 million. Meanwhile, the Ethereum-based GME coin increased by over 83% to trade at around $0.00006286.
Crypto FOMO and Market Impact
The rapid growth of these parody meme coins showcases the strong crypto FOMO trend sweeping the market. The meme coin industry has already reached a market cap of nearly $69 billion, with a daily trading volume surpassing $5.8 billion.
Understanding Market Dynamics
The fact that the US SEC has not taken any action against Gill suggests that the meme coin craze could lead to a new altseason. Bitcoin dominance seems to be shifting, as evidenced by significant gains in Ethereum (ETH) and BNB, indicating a potential market change.
Get ready for more developments in the GameStop and meme coin saga. Share your thoughts and predictions!
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Meme Coins